Synthetic resecuritizations were issued in the domestic market in larger numbers this year that ever before. However, the models are so fresh they haven't exactly been reconciled with ISDA credit event definations.

First blipping on the radar in late 1990s in Europe, these deals were not a flavor for the U.S. palate until 2003, thanks to reduced opportunity for capturing arbitrage in corporate deals, sources said.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.